EdTech Funding

Part
01
of two
Part
01

EdTech Funding (Rows 2- 6)

Details pertaining to the funding and valuation of Byju's, VIPKid, 17zuoye, Zuoyebang, and Yuanfudao have been populated in rows 2-6 of the attached spreadsheet.

FINDINGS

We looked for media reports and press releases to ascertain whether the data provided by Crunchbase was accurate or not. In most cases, we found it to be correct except VIPKid and 17Zuoye where it varied slightly. Also, in most cases, the last funding round information and the total funding figure (where derived directly from a source) were published a day prior to the date reported on Crunchbase. For example, Equal Ocean reported on the day of its last funding round, 25th Dec 2018, that Yunanfudao had raised a total of $544 million till then. According to Crunchbase, Yunanfudao's last funding round was on 26th December 2018, when it raised $300 million to bring the total funding to $544 million. Therefore, it is not possible that the information published by Equal Ocean was derived from Crunchbase (at least the latest funding). As Equal Ocean reports news related to VC funding, it is likely that they have their own internal database, which they refer to while reporting total figures.

Byju

Last funding round: Series F
Total funding raised:
Funding raised in last round = $31 million (25M +6 M)
Funding raised before last round = $795.5 million
Therefore, funding raised to date = $826.5 million ($795.5M + $31M)
Valuation: $5.4 billion

VIPKid

Last funding round: Series D+
Total funding raised:
Funding raised in last round = $500 million (reported by Bloomberg on April 26th 2018; last funding date updated on the Crunchbase site is April 27th 2018, which means Crunchbase possibly did not derive the information from Bloomberg and vice versa)
Funding raised before last round = $350 million
Therefore, funding raised to date = $850 million (300M+350M)
Valuation: $3 billion

17zuoye

Last funding round: Series E
Total funding raised:
Funding raised in last round = $250 million
Funding raised before last round = $385 million
Therefore, funding raised to date = $635 million (250M+385M)
Valuation: $2.8 billion

Zuoyebang

Last funding round: Series D
Total funding raised: $585 million
Valuation:
The company did not disclose the valuation in the last funding round; however, a third-party estimates it to be between $1 billion and $2 billion.

Yuanfudao

Last funding round: Series F
Total funding raised: $544 million
Valuation: $3 billion


Part
02
of two
Part
02

EdTech Funding (Rows 7- 11)

As requested by the scope of this research we have completed Rows 7-11 Columns E, F, and G using sources other than Crunchbase. Column C of the same spreadsheet indicates the website as Crunchbase, however, since this column was previously completed within a separate research scope and not assigned to us we did not make any changes. When focusing our research we avoided any documents which specifically referenced Crunchbase and re-reported those numbers. Instead, we looked for primary sources issued by each of the companies assigned to us as well as credible news sources and tech business sites. We used the information we found within these sources to complete our assigned rows of the attached spreadsheet.

It appears that most of the values we discovered were similar to those found on Crunchbase, with the exception of the company DaDa. During our research, we became aware that DaDa officially changed their name from DaDaABC in 2018. It is our belief that this name change may have affected how funding and valuation were reported and is the reason behind the significant discrepancy between the numbers reported by China Daily and those found on Crunchbase. We believe the Crunchbase numbers likely include the total valuation both before and after the name change while those reported by China Daily and included on the spreadsheet likely do not.
Sources
Sources

From Part 01
Quotes
  • "China’s VIPKid is finalizing a deal to raise about $500 million at a valuation of more than $3 billion, according to people familiar with the matter, a price tag that could make it the world’s largest online education startup."
Quotes
  • " The company didn’t disclose its valuation in the latest fundraising."
From Part 02